X0201 4 2004-01-14 0 0000761237 PHOTOGEN TECHNOLOGIES INC PHGN 0001049637 WILLIAMS TAFFY J C/O INKLINE PHARMACEUTICAL CO INC 425 PARK AVE NEW YORK NY 10022 1 1 0 0 CEO, President Common stock 4250 D Options (right to buy) 60.00 2003-11-12 2010-04-30 Common Stock 750000 750000 D Options (right to buy) 11.00 2003-11-12 2010-11-30 Common Stock 300000 1050000 D Options (right to buy) 1.08 2004-01-14 4 J 0 1233450 A 2003-11-12 2012-10-31 Common Stock 1233450 2283450 D Options (right to buy) 1.08 2004-01-14 4 A 0 1050000 A 2014-01-14 Common Stock 1050000 3333450 D The shares set forth herein are after a one for four reverse split of the Issuer's common stock that occurred in November, 2002. The Compensation Committee and the Issuers Board approved grants of qualified options to the Reporting Person on the terms described in Table II. The options vest in accordance with and are in other respects subject to stock option award agreements. On January 14, 2004, Dr. Williams was granted an option to acquire a total of 1,050,000 shares of common stock; vesting upon the earlier to occur of a change in control of the Issuer or his ceasing to be a salaried employee of the Issuer. Also, on January 14, 2004, Dr. Williams' award agreement dated November 12, 2002 was amended to provide for similar vesting requirements. These options may terminate earlier under certain circumstances as set forth in Dr. Williams' award agreements. /s/ Taffy J. Williams, Ph.D. 2004-01-15